The Dangers of Overpricing

 

Although a higher asking price looks good on the net sheet, it can work against you in objective #1:
Getting Your Home Sold

 

 

An asking price that is beyond market range can adversely affect the marketing of a property.

 

By asking for a carefully thought out comparative market analysis (CMA) from your REALTOR®, you can feel assured that the price you are asking will fall within the market range. The price of your home is not what you want to get out of it, nor is it what you bought it for plus all of your improvements, but a consideration of the sale price of similar homes in the area, the pricing of activly listed homes, and the evaluation of why other homes failed to sell.

 

If you overprice, the following graphs show the effect of showing activity:

     

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• Fewer buyers are attracted, and
fewer offers received.


• Marketing time is prolonged, and
initial marketing momentum is lost.


• The property attracts “lookers” and
helps competing houses look better
by comparison.
Activity to weeks on the market graph
   
Fair Market Value graph

• If a property does sell above true market value, it may not appraise,
and the buyers may not be able to secure a loan.

 

• The property may eventually sell below market value
   
Give me a call or email to visit with you about what your home may be worth!